OCC Allows National Banks to Hold Crypto for Blockchain Gas Fees

The Office of the Comptroller of the Currency (OCC) has granted U.S. banks explicit permission to hold cryptocurrency on their balance sheets for the specific purpose of paying blockchain network fees. Interpretive Letter No. 1186, issued Tuesday, clarifies that such holdings must directly support lawful banking activities—including transaction processing and platform testing.

Blockchain networks require native tokens to settle transactions, creating an operational necessity for banks interfacing with these systems. The OCC frames crypto custody for gas fees as "incidental to the business of banking," drawing parallels to traditional holdings like foreign currency reserves. This regulatory nod comes as financial institutions increasingly adopt blockchain infrastructure.

Notably absent is guidance for stablecoin issuers, whose framework remains under development via the pending GENIUS Act. The decision signals growing institutional acceptance of crypto's utility in financial infrastructure, though strictly as a transactional tool rather than a speculative asset.